-
Shaken but undeterred, AUD/NZD bulls gather above support
Despite the sharp fall from the highs, AUDNZD’s structure remains favourable to bulls as they gather above a cluster of support levels. We can see on the daily chart that, after piercing our 1.1140 target a sharp correction ensued. Whilst a 50% correction (between prior peak and trough) may be deeper than some would like, it can be said that during this rally AUD/NZD has shown an appreciation for Fibonacci levels before springing higher. The daily trend structure remains firmly bullish and whilst a larger bullish channel remains in play, an increase of overall momentum allows us to focus on a tighter channel with a ... (full story)